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What to do if finance for your first home is rejected

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So, finance for your first home has been rejected, it’s taken you by surprise, and now the dream of building your own property seems that little bit more distant. Is this the end of the road...?

In this first section of our article, we’d like to go through some of the most common mistakes people make. This will help you understand not just what these reasons are, but why they occur.

Two overarching reasons you were rejected

1. Lenders in Australia are bound by the National Credit Act to loan money responsibly, which means if they think that you won’t be able to pay the money back, they can’t lend it to you.

2. Additionally, lenders may also reject you because of their internal policies. There are banks, for example, that won’t provide mortgages for homes below a certain size (e.g. 50 square metres) regardless of applicant.

Having a home loan declined might seem like a bit of a blow, but there’s plenty you can do to get back on track. Download our handy article for to find out exactly how! 

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